Yoko Ono and U2 Unveil Tapestry of John Lennon in New York

"This is a happy day for our family, for our John to be honored by the city he so loved," said Yoko Ono, Lennon's second wife and widow, during the event.

Quoting a line from the iconic song "Imagine" by the former Beatles member, "Imagine all the people living in peace", Ono urged people to make that vision a reality.

The ceremony was held on Ellis Island, near The Statue of Liberty, which for decades has served as a major entry point for new immigrants.

"For many years, Ellis Island has stood as a symbol of the United States' compassion to those who came to its shores," said Salil Shetty, Secretary General of human rights advocacy group Amnesty International, or AI, that commissioned the tapestry.

"It is our hope that this beautiful tapestry hanging in this meaningful space will serve as a reminder to extend John Lennon's message of peace and love to all of those who leave their homes in search of a better life," he added.

The organization had originally commissioned the tapestry as a token of appreciation for Yoko Ono for giving AI rights to Lennon's post-Beatles songs to raise funds through cover renditions.

The group has already raised more than $5 million.

The tapestry was unveiled by U2's Bono and The Edge along with business impresario Jimmy Iovine and donated to The Statue of Liberty-Ellis Island Foundation.

It will be exhibited at the Ellis Island National Museum of Immigration until Aug. 14 and will be permanently displayed there in 2016.

The huge tapestry, depicting the island of Manhattan as a yellow submarine piloted by John Lennon, was designed by New York-based Czech artist Peter Sis.

New York City has declared July 29 as "John Lennon Day" to honor the late singer who came to the city in 1971 and lived there until his assassination in 1980.